About Us

Corporate Profile

Mega First Corporation Berhad (“MFCB”) is a Malaysia-based company engaged in investment holding and provision of management services. It mainly operates through the three divisions – Power, Resources and Property. The Power Division builds, owns and operates power plants. The Resources Division is engaged in quarrying of limestone, manufacturing and trading of lime products, calcium carbonate powder and bricks. The Property Division develops and invests in properties. The Company was incorporated on 25 April 1966 and is headquartered in Petaling Jaya, Malaysia.

Serudong Power Sdn Bhd (51% owned subsidiary) was granted the right to build, own and operate a 36MW thermal power plant in Tawau, Sabah (“Tawau IPP”). The power plant commenced commercial operation on 2 December 1996.

1996

Ventured into China with 60% stake in a sino-foreign co-operative joint venture with Qixian Heat & Power Co., Ltd (“QHP”) to operate a coal-fired heat and power plant in Qixian Town, Shaoxing City, Zhejiang Province (“Shaoxing Power Plant”). This power plant was operated by Shaoxing Mega Heat & Power Co., Ltd (“SMHP”) for a period of 22 years to 22 October 2017.

Signed the Project Development Agreement with the Government of Lao People's Democratic Republic (Laos) to develop, build, own and operate a hydroelectric power plant in Don Sahong. The Don Sahong Hydropower Project is a 260MW run-of-river hydropower project located in the Khong District, Champasak Province, Laos.

Established a 70:30 joint venture with IJM Corporation Berhad to invest in a project company that will be undertaking the development and operation of the Don Sahong Hydropower Project.

Exited the automotive components business in South Africa.

2010

HCSB became a 52.38% owned subsidiary.

Signed the Memorandum of Undertaking with Electricite Du Laos, Laos (“EDL”), for the Don Sahong Hydropower Project.

Completed the privatisation and de-listing of RCI from Bursa Malaysia on 29 June.

2013

Obtained land concession covering 9,477 hectares in the Namlear Wildlife Sanctuary Zone, Mondulkiri Province, Kingdom of Cambodia primarily for agricultural development and cultivation. Mega First Plantation (Cambodia) Ltd (100% owned subsidiary) was set up as a project company for this investment.

Acquired 77.8% equity interest in Teratai Kembara Sdn Bhd.

Teratai ANR Sdn Bhd (“TASB”) was set up as a joint venture company (70% indirect subsidiary) for undertaking mining activities on a piece of land located in Mukim Belanja, Daerah Kinta, Perak.

Acquired 55% equity interest in Identiti Jitu Sdn Bhd.

Acquired 60% equity interest in Runding Kualiti Sdn Bhd.

Signed the Tariff Memorandum of Understanding with EDL for the Don Sahong Hydropower Project.

2014

Expanded into the manufacturing of flexible packaging materials with HCSB’s acquisition of 65% equity interest in Hexachase Flexipack Sdn Bhd.

2015

JADI ceased to be an associate company of the Group on 16 February.

Entered into the Shareholders' Agreement with EDL in relation to the parties' participation in the project company that will be undertaking the development and operation of the Don Sahong Hydropower Project.

Incorporated Don Sahong Power Company Ltd (“DSPC”) on 7 July. DSPC is 80% owned by the Group and is the project company for the Don Sahong Hydropower Project.

DSPC was granted the concession rights on a “build, operate and transfer” basis for the Don Sahong Hydropower Project on 15 September. The concession period ends on the 25th anniversary of the commercial operation date.

Power Purchase Agreement for the purchase by EDL of all electricity generated by the Don Sahong Hydropower Project on a take-or-pay basis was signed on 1 October.

The Engineering, Procurement, Construction and Commissioning Contract for the Don Sahong Hydropower Project was awarded by DSPC to Sinohydro Corporation Ltd on 15 October.

2016

Completed the Rights Issue of 157,048,290 new ordinary shares together with 67,306,410 free detachable Warrants on 15 April.

2017

Acquired 50.25% equity interest in Premier Capacity Sdn Bhd.

The sino-foreign co-operative joint venture agreement for the Shaoxing Power Plant expired on 22 October and was not extended by the Group.

The power purchase agreement for the Tawau IPP expired on 2 December.

2018

TASB was granted by Menteri Besar Incorporated (Perak) an irrevocable option for a period of 15 years to either (1) enter into development rights agreement and/or (2) enter into sale and purchase agreement for the acquisition of a 99-year leasehold land (measuring a total of approximately 772 acres located in Mukim Belanja, Daerah Kinta, Perak) or any part thereof.